Mr. Matthew Boyes reports

SOLIS MINERALS ANNOUNCES: EXPLORATION UPDATE FROM ESTRELA AND MINA VERMELHA PROSPECTS, BORBOREMA, BRAZIL

Solis Minerals Ltd. has provided an update on the recently completed drilling program at both the Estrela and Mina Vermelha prospects in Borborema, Brazil.

Executive director Matthew Boyes commented:

"Drilling has now been completed and rigs are demobilizing from the Borborema project area. The initial results have not met expectations from either Estrela or Mina Vermelha projects despite the early potential demonstrated by surface exploration and the proximity to known lithium-bearing systems.

"Both projects represented a relatively low cost option for the company with funds directed predominantly into the drilling programs. This targeting funding has allowed us to efficiently evaluate the potential of the assets before committing to subsequent payments.

"Solis is continually evaluating new potential acquisitions, including opportunities in Borborema, Minas Gerais, to the south and expansion of our copper portfolio in Peru. This strategy of using earn-in option agreements will continue to be used, allowing exploration and drilling spending to be prioritized."

Estrela prospect

Fifteen drill holes (for 2,082 m drill core) have been completed into the Estrela targets with a total of six different pegmatite bodies tested down to depths of up to 204 m below surface. No significant Lithium assays were reported from the first four drill holes analyzed with the highest lithium values reported as 0.07 per cent Li2O from 89.2 to 90.2 m downhole in ESDDH00001.

Mina Vermelha prospect

Eight drill holes have been completed (with one hole abandoned) for this program (for 1,609 m drill core). The Mina Vermelha drilling tested a two-kilometre-long strike of known pegmatites. Four drill holes have been assayed with no significant lithium assays received to date. All the major outcropping mineralised bodies have now been tested and no further exploration drilling is planned for the immediate future.

Geochemical sampling program

GMT exploration services have completed approximately 50 per cent of the major regional geochemical soil program in northern Borborema province. Two-hundred seventy samples have been submitted with a further 300 now prepared and ready for submission for inductively coupled plasma (ICP) analysis. Assay results will be used to assist identification of new drill targets within the company's large tenement holding in the northern Borborema province. The program is scheduled to be completed in early 2024.

Next steps

Assays are expected to be received in February for the remaining 16 drill holes sampled in the recent campaign on the Estrela and Mina Vermelha projects. Results of the soil geochemical assays are expected in March, 2024.

The company continues to review other exploration projects across a suite of minerals in Brazil and elsewhere and will update the market at the appropriate time.

About Solis Minerals Ltd.

Solis Minerals is an emerging lithium explorer focusing on Latin American critical minerals.

The company owns a 100-per-cent interest or option to acquire 100-per-cent interest in the Borborema lithium project in northeast Brazil, covering 26,100 hectares.

Qualified person statement

The technical information in this news release was reviewed by Mr. Boyes, a fellow of the Australian institute of Mining and Metallurgy (AusIMM), a qualified person as defined by National Instrument 43-101 (NI 43-101).

We seek Safe Harbor.